By otakuyassine3@gmail.com 
PNC Financial Services Group Inc. lifted its stake in Garmin Ltd. (NYSE:GRMN – Free Report) by 0.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,741 shares of the scientific and technical instruments company’s stock after buying an additional 137 shares during the period. PNC Financial Services Group Inc.’s holdings in Garmin were worth $3,659,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new stake in Garmin during the 4th quarter worth $26,000. Pinnacle Bancorp Inc. acquired a new stake in Garmin during the 4th quarter worth $29,000. Larson Financial Group LLC boosted its stake in Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares during the period. SOA Wealth Advisors LLC. acquired a new stake in Garmin during the 4th quarter worth $37,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Garmin during the 3rd quarter worth $39,000. Institutional investors and hedge funds own 81.60% of the company’s stock.
Garmin Stock Performance
GRMN stock opened at $208.95 on Friday. Garmin Ltd. has a one year low of $138.86 and a one year high of $246.50. The stock has a market capitalization of $40.20 billion, a PE ratio of 28.58, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. The company has a fifty day moving average of $216.85 and a 200-day moving average of $200.32.
Garmin (NYSE:GRMN – Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating the consensus estimate of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the business earned $1.72 earnings per share. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. Equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.
Garmin Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio (DPR) is 41.04%.
Insider Activity at Garmin
In related news, COO Patrick Desbois sold 6,911 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the sale, the chief operating officer now owns 63,048 shares in the company, valued at $14,321,353.20. This trade represents a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,103 shares of company stock worth $5,852,364 over the last 90 days. Company insiders own 19.54% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on GRMN. Morgan Stanley upgraded shares of Garmin to a “sell” rating and increased their price target for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Tigress Financial increased their price target on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. raised their target price on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Finally, Barclays raised their target price on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $210.80.
Read Our Latest Stock Analysis on GRMN
About Garmin
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.
See Also
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